Vital seeks $160m for opportunities
NZX-listed health property trust Vital Healthcare is seeking to raise $160 million of new equity to support ongoing growth.
Vital manages hospitals and clinics in Australia and New Zealand, including Wellington’s Boulcott Hospital and Auckland’s Ascot Hospital.
It plans to raise the money though a twofor-nine pro rata rights offer to existing unitholders at $2.08 per unit, a 5.2 per cent discount to the expected ex-rights price.
The funds would initially be used to reduce debt but also to free the company up to pursue development or acquisition opportunities.
Vital recently announced A$64m (NZ$67m) worth of development projects at five of its private Australian hospitals and a suite of strategic acquisitions worth A$20m (NZ$20.9m).
David Carr, chief executive of the trust’s manager, said the projects and a strong unit price had persuaded the board that now was a good time to seek further equity.
NorthWest Healthcare Properties Real Estate Investment Trust, a Canadian company which holds 24.4 per cent of Vital, and the manager’s directors would take up all their rights, collectively worth about $39.3m.
Just over $120m of the offer is underwritten by Forsyth Barr. *** Just over 1000 secondary students got on buses around the country this week to get a taste of what life as a building apprentice was all about.
The Building and Construction Industry Training Organisation’s Big Construction Tour took students from 127 schools in 14 centres on a tour of some of the country’s biggest construction sites.
The tour, in its second year, highlighted 15 different trades students could consider.
BCITO chief executive Warwick Quinn said they wouldn’t struggle for work or opportunities if they chose a construction career.